DELHI AIRPORT CARGO HANDLING SERVICES JOINT VENTURE GETS FIPB NOD

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TURKISH company Celebi Hava Servisi will hold a majority stake in a 74:26 joint venture with Delhi-based Salwan Leasing & Finance to provide ground handling service at the cargo terminal of Indira Gandhi International Airport, New Delhi.

The proposal was stuck with the Foreign Investment Promotion Board (FIPB), since Celebi already has another JV that provides ground handling services at the Chhatrapati Shivaji International Airport in Mumbai. In such cases, FIPB insists on a no-objection certificate from the existing local partner.

However, in this case, the FIPB noted that since the two JV companies provide services in two different locations there is no possibility of clash of interest. “The board has, thus, raised no objections to the proposal and asked the applicants to access the automatic route,”according to a government official who didn’t want to be named.

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